Erbil Stock Exchange to Commence Trading Early 2011

The Erbil Stock Market will start trading during the first quarter of 2011, the project’s executive director said on Tuesday, explaining that the market startup capital will be around $10 million.

“This market should become the strategic axis that will transform the economy of Kurdistan from relying on oil revenues to producing income through local and foreign investments,” Dr. Nabil al-Ithari told Aswat al-Iraq news agency.

It was widely reported back in July that the exchange had announced that it had “opened for business“, but it appears this was a something of an exaggeration.